Equinor invests in 10% stake in solar developer Scatec

Equinor, the Norwegian state-owned energy giant formerly known as Statoil, has invested in a near 10% stake in compatriot solar firm Scatec.

Equinor has purchased a 9.7% stake in the firm, which specialises in the development and operation of utility-scale solar farms, for a sum of NOK700 million (£64.5 million).

The two firms had already collaborated on the development of solar farms in South America and Pål Eitrheim, executive vice president at Equinor, said the purchase of a minority stake had been made “with a long term perspective”.

“The investment in Scatec Solar will increase Equinor’s exposure to a fast growing renewable sector, further complementing Equinor’s portfolio with profitable solar energy. This is in line with our strategy to develop into a broad energy company,” Eitrheim added.

Scatec has developed more than 1GW of utility-scale solar worldwide and collaborated with Equinor on projects in Brazil and Argentina in 2017 and 2018 respectively.